September 18, 2019
Latest News

Trump pledges another $16 bn for farmers hurt by Chinese tariffs

Washington, May 23 (efe-epa).- President Donald Trump on Thursday approved a second aid package for US farmers, this one for $16 billion, with the aim of alleviating the effects of his trade war with China.

"We will ensure our farmers get the relief they need and very, very quickly," Trump said at a meeting with agricultural producers at the White House.

"The farmers have been attacked by China," Trump said. "But the $16 billion of funds will ... make clear that no country has veto on America's economic and national security."

A few hours earlier, Agriculture Secretary Sonny Perdue said in an interview with Fox News that Trump had approved the aid package, adding that the funds will be funneled to farmers who have been hurt by China's tariff reprisals

In 2018, the US had announced a similar assistance program for $12 billion for the agriculture and livestock sector.

According to Perdue, part of the $16 billion will be used to help farmers access other markets and, if China decides not to buy US produce then farmers will simply sell their products to other countries.

Among those markets, Perdue listed India, the Philippines, Malaysia and Thailand.

As an example of the effects of the trade war, US soybean exports to China have plunged by more than 80 percent this past year as Beijing has switched to buying the grain from Brazil and Argentina.

The trade war between Washington and Beijing heated up in early May, when the US increased tariffs from 10 percent to 25 percent on more than 5,000 Chinese import products valued at some $200 billion per year.

Trump, who has been critical of Beijing's negotiating stance and tactics, also threatened to impose similar tariffs on the rest of China's exports to the US, valued at some $325 billion, if Beijing proves unwilling to strike a trade deal.

The president said on Thursday that he is "optimistic" that he will be able to come to a trade arrangement with China to halt the tit-for-tat tariff hikes and the trade war in general, and he noted that he is scheduled to meet with Chinese President Xi Jinping at the G20 summit in Osaka, Japan, within a month.

In reprisal for the recent measures announced by Trump, China is planning to impose tariffs of 25 percent on $60 billion worth of US imports on June 1.

In 2018, the US exported good valued at $120 billion to China while US imports from the Asian giant totaled some $540 billion.

News history
Tesla stock has risen this month as its 3rd-quarter numbers approach

By David Marino-Nachison

Australian Navy begins sea trials of 3rd air warfare destroyer

Sydney, Australia, Sep 16 (efe-epa).- Australia has begun the first phase of sea trials of its third and final Air Warfare Destroyer, the Department of...

Nissan Motor CEO steps down in the wake of bonus scandal

Tokyo, Sep 16 (efe-epa).- Hiroto Saikawa stepped down from his post as chief executive officer of Nissan Motor on Monday and has been replaced by Yasuhiro...

Trump says US is "locked and loaded" to respond to attack on Saudi oil

Washington DC, Sep 15 (efe-epa).- The president of the United States on Sunday warned that his administration was "locked and loaded" to respond to a recent...

Nissan CEO steps down over bonus scandal

Tokyo, Sep 9 (efe-epa).- Nissan Motor's CEO, Hiroto Saikawa, will step down on 16 September on the back of an investigation into over payments the executive...

Volkswagen to pay multi-million-dollar settlement over 'dieselgate' Australia

Sydney, Australia, Sep 16 (efe-epa).- German car giant Volkswagen has agreed to pay millions in compensation to those affected by its diesel emissions...

General Motors braces for first nationwide strike in 12 years

Washington DC, Sep 15 (efe-epa).- The United Automobile Workers trade union on Sunday called for a nationwide strike of 48,000 employees at General Motors,...

Mexico seeks to topple Brazil's Volkswagen Guinness World Record

Puebla, Mexico, Sep 15 (efe-epa).- The Mexican state of Puebla over the weekend attempted to take the Guinness World Record for the most Volkswagen vehicles...

Argentina's gov't to present new budget amid economic woes

Buenos Aires, Sep 15 (EFE).- Finance Minister Hernan Lacunza will present the proposed 2020 budget to the Argentine Congress this week, a budget that will...

World's biggest oil producer reduces output by 50 percent after Saudi attacks

By Suleiman al-Assad

Battle to power electric vehicles reaches Sweden

By William Boston

Are central banks losing their clout?

By Randall W Forsyth

Ecotourism, the answer to Latin America's rural development needs

By Maria Jose Brenes

Havana-based cigar maker says it doesn't foresee Helms-Burton lawsuits

Havana, Sep 13 (efe-epa).- Habanos S.A., a Spanish-Cuban joint venture that is a leading maker of Premium cigars, said Friday it does not believe it is at...

US pledges to increase trade with Brazil, without mentioning bilateral deal

Washington, Sep 13 (efe-epa).- US Secretary of State Mike Pompeo promised his Brazilian counterpart here Friday that exchanges of goods and services between...

Mexicans make drinking straws from reeds to curb use of plastic

Jose de Jesus Cortes

London, Sep 13 (EFE).- The London Design Festival returns this weekend to the British capital with events and facilities bringing together the best of the...

China exempts US soy, pork products from tariffs ahead of US negotiations

By Paula Escalada Medrano.

Vaping giant Juul Labs debates pushing back on US' new ban on e-cigarettes

By Jennifer Maloney

Trump's plans for oil drilling in Arctic refuge clear big hurdle

By Timothy Puko

IMF: US-CHINA TRADE WAR STARTING TO WEIGH ON GLOBAL ECONOMY

Washington, Sep 12 (efe-epa).- The International Monetary Fund said Thursday that the trade war between the United States and China is already triggering a...

Argentina’s obsession with the dollar, a vicious circle amid a crisis

By Rodrigo García

New tariffs applied on Chinese imports to the US

Beijing, Sep 12 (efe-epa).- China's Customs Tariff Commission of the State Council has postponed the planned 25 percent tariffs on 16 products from the...

EU's top diplomat visits Mexico to boost trade agreement

By Eduard Ribas i Admetlla

I agree Welcome to news4europe.eu. We use cookies to improve your online experience. Find out more.